What is a Section 3 article 1204 Philippines example?

Answer 1

The creditor shall have a right to indemnity for damages when, through the fault of the debtor, all the things which are alternatively the object of the obligation have been lost, or the compliance of the obligation has become impossible.

The indemnity shall be fixed taking as a basis the value of the last thing which disappeared, or that of the service which last became impossible.

Damages other than the value of the last thing or service may also be awarded

Answer 2

An example of a Section 3 article 1204 in the Philippines is the provision that outlines the requirements for a valid compensation in contracts. It stipulates that compensation takes place when two persons are bound to give different things, which extinguish the obligations of both parties to the concurrence of their respective claims. This article ensures the validity and fairness of compensation agreements in contractual relationships.